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Released: January 31, 2012
Claiming an adult child on your taxes
Source: Sandra Block, USA Today
Your children will always remain in your heart. But if you’re like most parents, you don’t expect them to always remain in your house.
With tax season approaching, a lot of parents are grappling with another issue: Can you claim an adult child as a dependent on your tax return? For 2011, each dependent reduces your taxable income by $3,700. For a family in the 25% tax bracket, that works out to a tax savings of $925, which buys a lot of groceries.
Read Full Article: Claiming an adult child on your taxes
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